Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1887-06-30
Rumors Of Jay Gould's Death and
Other False Reports Precipi-
tate a
of Stocks and as Rapid Re-
cOvery.
The Big Men of the Street Come to the
Rescue of the Little Ones and Prevent
Failures.

terday morning there was very unsteady
feeling which soon grew into an excitement
which reached its greatest height shortly
before noon and a veritable panic was de-
veloped. No attention was paid by brokers
to fractions in sales made by them and the
fluctuations were so wild that sales were
from 5 to 10 per cent. apart Stocks
bought near the opening were thrown over
when the break occurred and this feeling
complete ly demoralized spectators. The
livery of orders kept clerks and mes
sengers fully as busy as brokers,
and the street was the scene of more ex-
element than had been witnessed since
the panic in May, 1885. The greatest de-
cline reached were in Manhattan 4015 to
116; Missouri Pacific. IL to 49,; Cotton
seed, to 80; Richmond Terminal, ~ to &c;
New England to 459l, and Lake Erie and
Western, 5 to 5313.
1t was understood that the break was
caused by the report that Jay Gould was
dead and Western Union fell from rs to 6S,
but soon began recovering as 1t was known
that Gould was at his office. Other stocks
followed fast and in ten minutes after noon
the furry seemed to be over, as the whole
list was moving up to its former figures,
thou gh money is tight and scarce at and
per cent.
Between eleven and twelve o'clock the
stock market was very active, and though
there was a slight rally, it was quickly
ended and the decline was renewed with
added force. The sensation of the hour
was a drop in Manhattan from 1863 at the
opening and 1885 by eleven o'clock to 130.
1t tn en- recovered to 40 and declined again
to 125 Fluctuations were no longer meas
ured by fractions in the general list, and
the losses for the hour ranged to 10 and 12
per cent, Missouri Pacific being specially
prominent
At 1925 p. m. the weakness in Manhattan
was renewed, and it fell to lis. At $50 p.
m. Gould sent out the following:
To John j. HieFndn: The bulletin you
putting out that my Manhattan stock is in loan
is malicious falsehood. No share of Manhat-
tan is in loan or has had my name on its back,
nor do owe a dollar in the world. You should
promptly contradict. Yours truly,
JAY GOULD.
Gould said further that the story that
he and Cyrus W. Field had quarreled was
untrue; that he and Mr.. Field were as
good friends as ever The rumor that Mr..
Field was in trouble was also groundless.
At 2:45 p. m, money was from 3-16 to 4
per cent. per diem, but Russell Sage was
quoted as saying that it would be easier
from this time on. Stocks continued to adj
vance slightly, Notwithstanding heavy rate
for money, the excitement on the stock
board seeming to have died out and things
quoting down rapidly. The increased short
interest saved the room from a money
panic by its demand for stocks for delivery
and S. V. White and some other large oper-
ators entered the market and began buying
freely. They soon gathered large follow
ing and the buying turned the market al
most rapidly as it had fallen, and stocks
took long jumps back to their former
prices. Manhattan recovered 20 per cent.
of it's loss and other stocks in general re-
covered about half their loss.
When delivery hour passed at the Stock
Exchange without bringing the announce
ments of any failures the street became
more confident and buying orders were
received from all sources. The bears at
tempted to cover at the same that big oper-
ators like Schepp began to buy and the
consequence was that almost all the
loss sustained during the panic OF
the morning was regained. Schepp bid
for blocks OF 5000 shares at a time and
Vanderbilt brokers made bids for as large
blocks OF their specialties. The trading for
the day was the liveliest that is remem-
bered, the whole list having declined and
rallied from 5 to 20 per cent. The feeling
was soon more confident, and 1t was gener-
ally thought that the losses were widely
scattered through the country and not con-
fined to the city, as in previous panlcs.
Money was still scarce even at the high
rates charged, and this was considered the
closed firm but quiet at the advance.
Vice-President Sykes, of the Northwest
ern, SAID he did not see any reason for the
furry. The Northwestern and Omaha rail-
road companies were large lenders OF mon
ey up IN the millions, and never exacted
over SIX per cent. The Northwestern was,
he said, disbursing this week 1890, 000'
The dividend on Northwestern was due,
but the company was anticipating its pay
ment and had paid on account $500. 900. Wall
street was puzzled to account for the fact
that such a great decline could occur with
out dragging some of the bull houses which
had been carrying large lines 81 stocks, but
this was explained by reports that Gould,
Field, Vanderbilt and Philadelphia capital
lists had taken up stocks which were in
weak hands and relieved the holders of the
necessity of sacrificing them.
The following review was issued by
Henry Clews & Co.: THE surge in the
market should not have been unexpected,
as every day for fortnight or more past
we are on record as predicting just such
backset as Wall street has now met with
The effect will be beneficial, however, as 1T
will very likely prevent more serious set
Element. If the day Of reckoning had been
deferred to the crop moving season instead
of to-day further trouble must have re-
suited here and elsewhere. The stock
market not unlike that of the wheat and
coffee markets, is likely to be more or less
dazed for several days to come, as natu-
raj sequence of to-day's shock, occasioned
bv the heavy losses which innumerable
operators have met with There are
too many cripples, we fear, left on the held
for the survivors to march over at a QUICK
active pace on the way to recuperatlon
Still Wall street is going to stay Just where
n ;s and will survive this shock and wit
ness many ups and downs in the future
The way to make money is to catch the
fluctuations. There has undoubtedly been
for long time past lack OF fluctuations,
showing an unnatural market Its slug
gishness has been due to that TACT w men
Clocks won't 90 up the next best thing is